There are many success stories in business today that describe how leaders have shaped the landscape of the real estate industry, but none of them could probably compare to the success that Hussain Sajwani, DAMAC owner and founder, has achieved so far. And in an exclusive interview with Arabian Business, we learn more about how he was able to grow his empire and the challenges that he had to go through to rise higher.
The World’s Tenth Richest Arab
We can already read from Forbes official list of billionaires that DAMAC owner Hussain Sajwani is now the tenth richest Arab in the world. He is even estimated to be worth $3.7bn, especially after DAMAC had just been declared as the world’s fourth-biggest public firm in 2017, only having Emaar as its only real and worthy competition. However, all of this success would not have been possible without the kind of risk-taking and perseverance that Hussain had to have to reach it.
The Build, Lease, Sell, Next Business Model
It is also revealed in the interview that Hussain Sajwani’s prime business model for DAMAC properties can be summarized in one line: Build, Lease, Sell. Next next-next. What makes him stand out is not through overthinking, but by doing. He always does things that other non-risk takers won’t do. So when he builds infrastructures, he immediately sticks to a simple business plan and moves on to the next phase, applying the same formula. Such simple strategy has already generated some of the best profitable results in the entire career of Mr. Hussain.
Hussain Sajwani is also known for diversifying his assets. Recall, he went in the world of stock market investments in 1997 and 2002, and he also owned holdings in Bahrain under the insurance industry and owned in Oman a ceramics factory. It is through such diversity that he’s able to fund most of his later projects that even made him more money. This doesn’t mean, however, that Hussain had not experienced a significant amount of failure. When DAMAC Properties got so big, it risked itself to ruin by crashing down, but because of such attitude on diversity, Mr. Hussain eventually recovered.